PRESS RELEASE: Portability Services Network Jump-Starts Nationwide Adoption of Auto Portability
CHARLOTTE, NC—December 3, 2024—Portability Services Network (PSN) announces that, in its first year of operation, more than 15,000 plans representing approximately 5 million participants have signed up for auto portability. Robert L. Johnson, Chairman of the Portability Services Network and Retirement Clearinghouse, said, “I heartily applaud the six recordkeepers that launched Portability Services Network for their unwavering commitment to improving the retirement welfare of America’s under-saved and under-served workers. Auto portability was conceived as an innovation to benefit minority and women savers, and it is immensely gratifying to witness its coming to fruition through the hard work of Alight, Vanguard, Fidelity Investments, Empower, TIAA, and Principal® to make auto portability a reality. We encourage more plan sponsors and recordkeepers to join and do their part to assist low-income workers in achieving a financially secure retirement."
PRESS RELEASE: Portability Services Network Launches Nation’s First Solution to Move Workers' Retirement Savings When Changing Jobs
CHARLOTTE, NC—November 7, 2023—The Portability Services Network (PSN) announced the launch of its digital auto portability solution, designed to help tens of millions of under-served and under-saved Americans keep their retirement savings invested and working for them when they change jobs. Having become operational 12 months after being announced in 2022, PSN includes as founding members the nation’s leading workplace retirement plan recordkeepers—Alight Solutions, Empower, Fidelity Investments, Principal, TIAA, and Vanguard—under the leadership of Robert L. Johnson, Chairman of the PSN and Retirement Clearinghouse, LLC.
PRESS RELEASE: Principal® joins industry consortium to support automatic portability of U.S. retirement accounts
(DES MOINES, Iowa) – Principal Financial Group® today announced it joined the Portability Services Network, LLC (PSN), a consortium of retirement plan service providers focused on helping America's under-served and under-saved workers improve their retirement outcomes by making it easier to transfer their workplace retirement accounts when changing employers. Principal® is a board member and one of seven owning members of PSN, which utilizes the auto-portability solution created by Retirement Clearinghouse, LLC (RCH).
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PRESS RELEASE: TIAA Joins Portability Services Network Consortium
NEW YORK, April 4, 2023—TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, is joining Retirement Clearinghouse, LLC (RCH) in a new consortium that aims to help America’s under-served and under-saved workers —especially minorities, women and low-income workers—improve their retirement outcomes. The consortium, known as the Portability Services Network, LLC (PSN), will help workers automatically move smaller retirement savings in 401(k), 401(a), 403(b), and 457 accounts to their new employers’ plans as they change jobs.
PRESS RELEASE: Empower Joins New Consortium to Accelerate Adoption of Auto Portability
GREENWOOD VILLAGE, COLO. (February 13, 2022) – Empower will join forces with the Retirement Clearinghouse, LLC (RCH) and other leading retirement services providers in a new consortium to accelerate the nationwide adoption of auto-portability to help more American workers improve their retirement outcomes. Under the new consortium, called the Portability Services Network, LLC (PSN), workers with lower balances who change employers can have their workplace retirement savings automatically moved to their new retirement plans.
PRESS RELEASE: America’s Leading 401(k) Providers and Retirement Clearinghouse Collaborate to Implement a Nationwide Network for Auto Portability
CHARLOTTE, October 5, 2022 -- Fidelity Investments®, Vanguard, and Alight Solutions announce that they have collaborated with Retirement Clearinghouse, LLC (RCH) to create a consortium of workplace retirement plan recordkeepers, Portability Services Network, LLC, to accelerate the nationwide adoption of auto portability to help America’s under-served and under-saved workers improve their retirement outcomes. With this historic development, American workers who change employers can have their workplace retirement savings automatically move to their new retirement plans.
